The Firm will in the present day concern 310,163,191 totally paid unusual shares (Shares) at $0.02 per Share beneath the Tranche 2 Placement Supply and the Precedence Supply, and 177,331,596 free attaching Choices (Choices) to Placement and Precedence Supply individuals on the idea of 1 Possibility for each 2 Shares issued to Tranche 1 and a couple of Placement individuals and Precedence Supply Members. The Choices could have an train value of $0.03 every with an expiry date of 24 months from the date of concern. The Firm can be looking for citation of the Choices. Citation is anticipated to happen this Wednesday, 17 July.
The Firm has acquired sturdy assist from holders with a complete of $0.45M subscribed for beneath the Precedence Supply, with the Firm having the proper to put the shortfall to the Precedence Supply beneath the Shortfall Supply till 9 October 2024.
The Firm additionally acquired sturdy assist within the Placement, with a complete of $7M in agency commitments being acquired. Because of the shortfall within the Precedence Supply, the full commitments acquired within the Placement Supply have been required to be scaled again from $7M to $6.64M, as in any other case a considerable shareholder would have acquired a voting energy within the Firm in extra of 20% in contravention of part 606(1) of the Firms Act 2001 (Cth). The rest of the dedication can be accomplished as a part of completion of the Shortfall Supply, topic to compliance with part 606(1).
The problem of the Tranche 2 Placement Shares, Precedence Supply Shares and Choices had been permitted by shareholders on the Firm’s Basic Assembly held on 9 July 2024.
Capitalised phrases on this announcement have the which means given to them within the Firm’s Prospectus dated 10 Might 2024, besides as expressly outlined in any other case.
This announcement has been authorised and permitted in accordance with the Firm’s revealed steady disclosure coverage.
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